Ola Electric IPO plans: Bhavish Aggarwal to hold investor meet

Ola Electric plans for an IPO by the end of 2023.

Ola's founder and CEO Bhavish Aggarwal will kick off meeting with investors as it plans to take Ola Electric public.

The Ola founder will travel to Singapore, United States and United Kingdom over the next two weeks to meeting investors, including BlackRock, Singapore's sovereign wealth fund GIC, and mutual funds such as T Rowe Price, Reuters had reported citing sources who declined to be named.

Ola Electric could raise up to $1 billion via the IPO route likely by the end of this year or early 2024.

Moneycontrol had earlier reported that Ola Electric has engaged investment banks Kotak Mahindra Capital and Goldman Sachs for an initial public offering (IPO) in early 2024.

The electric mobility startup, which claims to be market leader in the electric two-wheeler space, aims to go public before the subsidies for electric vehicles end.

“No specific timelines have been finalised as yet but the target is to launch the IPO before the elections next year,” the reported quoted a person privy with details.

Aggarwal is likely to apprise investors of Ola Electric's plans and its growth prospects.

Ola competes with names like TVS Motors, Ather Energy and Hero Electric in India's fast expanding EV scooter space.